stadelman 050721SPRINGFIELD – A measure co-sponsored by State Senator Steve Stadelman (D-Rockford) that would support investment in downtown Rockford passed the Illinois Senate.

“Since the River Edge Historic Tax Credit was created, the city of Rockford has experienced economic growth and significant restoration,” Stadelman said. “This extension will allow these investments to continue and further revitalize Rockford.”

Rockford has seen a significant amount of new development, largely due to the River Edge Historic Tax Credit Program, which gives a state income-tax credit to the owners of historic structures matching 25% of rehabilitation project costs.

“This tax credit has brought life to many historic buildings, which helps boost property values in the area,” Stadelman said. “I hope to see this program continue to bring in more successful projects, like the Embassy Suites Hotel downtown.”

The historic Ziock/Amerock building where the hotel is located had been vacant for over 25 years before the restoration project supported by the River Edge Historic Tax Credit Program took place.

Originally set to expire at the end of 2021, the legislation would continue the River Edge Redevelopment Zone tax credit through the end of 2026. The tax credit has also helped revitalize parts of Aurora, East St. Louis, Elgin and Peoria.

Other examples of projects made possible by the program are Prairie Street Brewhouse, the Rockford Trust Building, Midtown Lofts and the Handley Building, all located downtown.

Senate Bill 157 passed the Illinois Senate and now awaits further consideration in the Illinois House of Representatives.